Eagle Bulk Shipping Inc.NASDAQ
Thu, Sep. 29, 5:10 PM
- Eagle Bulk Shipping (NASDAQ:EGLE) says CFO Adir Katzav is stepping down to pursue other opportunities, and names Frank De Costanzo as its new CFO, effective Sept. 30.
- EGLE says De Costanzo brings more than 30 years of banking and finance leadership experience, most recently as CFO of Catalyst Paper Corp.
- Katzav joined EGLE in 2008 and was CFO since 2012; prior to joining the Company, he had served as a senior audit manager and other positions at PricewaterhouseCoopers.
Sun, Sep. 11, 9:29 AM
- The world's largest container shipping firm is seeing a short-term rise in freight rates and an inflow of new clients after the collapse of Hanjin Shipping (OTC:HNJSF).
- "There's no doubt that we're seeing a reaction in the rate market," said Klaus Rud Sejling, the executive in charge of Maersk Line's (OTCPK:AMKAF) east-west network. "In the short term, the effect is positive... The question is, what will happen with rates in the longer term."
- Related tickers: SHIP, EGLE, GNK, SINO, DRYS, NM, SBLK, DCIX, BALT, SFL, KEX, SB, SALT, DSX, GOGL, MATX, EURN, NNA
Fri, Sep. 9, 3:57 AM
- Korean Air Lines, the biggest shareholder in Hanjin Shipping (OTC:HNJSF), has delayed a decision on a funding plan for the troubled company for a second time, adding to the uncertainty of around $14B of cargo stranded at sea.
- With Hanjin's future in doubt, carriers have announced they will hike container freight rates by as much as 50% beginning next month as retailers scramble to secure shipping ahead of the peak year-end holiday season.
- Related tickers: SHIP, EGLE, GNK, SINO, DRYS, NM, SBLK, DCIX, BALT, SFL, KEX, SB, SALT, DSX, GOGL, MATX, EURN, NNA, UPS, FDX
- ETFs: XLP, XLY, VDC, XRT, VCR, RTH, RETL, FXG, FXD, RHS, FDIS, FSTA, RCD, PMR, JHMC, JHMS, CNSF, CNDF
Tue, Aug. 30, 12:47 PM
Mon, Aug. 29, 12:50 PM
Fri, Aug. 26, 5:35 PM
Fri, Aug. 26, 12:45 PM
Mon, Aug. 8, 4:23 PM
Fri, Aug. 5, 9:07 AM
- Eagle Bulk Shipping (NASDAQ:EGLE) announces that it has effected a 1-for-20 reverse stock split of its issued and outstanding shares of common stock.
- The company says the reverse stock split is intended to bring it into compliance with the $1.00 minimum average closing share price requirement for continued listing on the Nasdaq Global Select Market.
- The reverse stock split reduced the number of shares of the company's outstanding common stock from approximately 376.1M shares to approximately 18.8M shares.
- Source: Press Release
Tue, Jul. 5, 4:14 PM
- Eagle Bulk Shipping (NASDAQ:EGLE) announces that it entered into a definitive agreement to raise $85M in gross proceeds through a sale of its common stock
- The company says the proceeds will be targeted for the acquisition of dry bulk vessels and general corporate purposes.
- The private placement price of $0.15 per share assumes the inclusion of 337,796,550 proposed, but not yet formally-issued, shares that are part of the company's Second Lien Loan Agreement, as previously disclosed on March 30.
- Eagle Bulk's board has called for a special meeting to approve, among other things, the proposed issuance and a possible reverse stock split.
- Source: Press Release
Fri, Jul. 1, 5:45 PM
- Rough waters for dry bulk shippers are expected to continue throughout the year, with weak demand from China showing no signs of improving, according to a new study of dry bulk companies from consulting firm AlixPartners.
- Industry revenue fell 18% between 2014 and 2015, and EBITDA plunged 168% to negative $115M from $169M in 2014, according to the study.
- "Virtually every company in the industry is at risk because of uncertainties about overall global economic activity and trade, coupled with reduced demand for iron ore and coal from both China and India,” the study says. “The outlook for the year remains extremely negative.”
- Among relevant tickers: DRYS, DSX, NM, EGLE, GNK, SBLK, SALT
Tue, May 10, 11:37 PM
Tue, May 10, 6:04 PM
Thu, Apr. 28, 1:59 PM
- Paragon Shipping (PRGN +562.7%) says it has delayed delivery of three bulk carrier newbuildings and says it does not have sufficient liquidity to make the upcoming interest payments due on some senior notes, but it definitely has not filed for bankruptcy, and that seems to be sending shares skyward today.
- PRGN says it has filed a defamation lawsuit with the Criminal Court of Athens against shipping paper TradeWinds, which reported in February that it had obtained board approval for filing for bankruptcy under Chapter 11.
- The action in PRGN has sparked interest in the broader dry bulk shipping sector, giving other names a major boost: SINO +95%, DRYS +50%, GNK +47%, EGLE +42%, ULTR +36%, SHIP +26%, SBLK +20%, DSX +14%, DCIX +14%, GOGL +10%, SALT +8%.
Tue, Apr. 12, 3:47 PM
- Eagle Bulk Shipping (EGLE -25.1%) plunged today on no apparent news, but the reversal seemed to coincide with the publication of a negative Seeking Alpha blog that said EGLE's "90% dilution will drive over 80% downside."
- Author J. Mintzmyer writes that recent gains in EGLE are the result of "misguided retail buying, spurred on by Internet pumps and day traders."
- Shares had opened higher after Goldentree Asset Management reported an 18.3% active stake in the company as of March 30.
- Now read Eagle Bulk reaches deal for balance sheet recapitalization
Thu, Mar. 31, 9:29 AM